What Is The Purpose Of A Code Of Ethics ?
Society would have been in complete mayhem if there was no code of ethics to aid decision making, at times when values collide. This is especially true when it comes to the world of business. Today, every business organization acknowledges the fact that ethical standards, fair practices and sound behavior are all equally important in maintaining a company’s reputation, as well as for the sustained growth of an organization. |
Any business organization will have a code of ethics or a prescribed set of regulations in place, which educates its members on the kind of behavior that would qualify as acceptable, and the kind that would fall under the category ‘misdemeanor’. Usually the code of ethics, which is part of the general ethics policy, is modified as per the organization’s own values and expectations from its people. An ethics policy not only details the list of moral values that the organization would accept; it also outlines the company’s commitment towards others and clearly states what a person should expect while conducting business with that particular organization. A code of ethics usually contains two sections. The first part mentions the organization’s aspirations, while the second talks about the procedures staff members need to follow.
The CPA Journal Online once carried an article titled ‘Codes of Ethics with Impact’ by Bruce R. Gaumnitz and John C. Lere. This article stated that a code of ethics is invaluable as it was a guide to people who have to face new ethical situations in work life. Also, code of ethics works to inform employees and general public what an organization expects from its employees when they come face to face with situations that have ethical dimensions.
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